Irish macroalgae-based biotechnology company, Pure Ocean Algae, has completed a seed funding round which will see it invest more than €3 million over the next two years in building out and growing its business platform.
Formed in 2019, Pure Ocean Algae is the first commercial end-to-end production platform to produce the red seaweed Palmaria palmata, commonly known as Dulse. Led by CEO, Michael O’Neill, the company operates its own land-based hatchery, nursery and processing facility while also developing eighty hectares of licensed sea sites for the growing of various seaweed species.
The investment will be used to expand the existing land-based facilities to cater to 250 hectares of sea site production and ancillary services. Working with existing seaweed farmers, the company hopes to expand to a production area of 500 hectares over the next three years.
“This funding will allow us to expand our land-based production sites, our sea-based capabilities, and will allow us to expand our R&D and implementation teams. We are also investigating various opportunities to develop the services element of the business through international partnerships and collaborations to bring our technology to a global audience,” said CEO and founder Michael O’Neill. “Pure Ocean Algae is a vehicle for positive impact socially, economically, and environmentally. Given the ever-increasing evidence of global warming and its impacts on our lives and for future generations we must investigate new and innovative solutions to slow its progress and ultimately reverse the damage caused by man-made climate change. Our ambition is to grow a business that supports our strong environmental ethos while creating value chains which support our bottom line and satisfy the expectations of our investors.”
This round of funding was led by The Yield Lab, Europe’s largest early-stage Ag-Tech investor which is itself supported by Enterprise Ireland and AIB. Also joining this funding are the West Cork-based Carbery Group, US-based Sea-ahead Blue Angel Group and Enterprise Ireland.